The Financial Budget takes place tomorrow
On Wednesday 22nd November at 12:30 GMT Chancellor Philip Hammond will deliver the financial Budget to announce the government’s plans for tax and spending.
The public is hoping for Hammond to address Brexit. They are hoping he will offer help to younger people struggling to buy a home and save for a pension. They want the budget to help older savers suffering from low returns.
The Chancellor is the second most powerful person in government after the Prime Minister. Philip Hammond was appointed chancellor in July 2016. He had originally been the Conservative MP for Runnymede and Weybridge since 1997.
Housing is expected to be the main topic to be covered, particularly a change to rules to encourage more social housing, an increase in more homes being built and a change to stamp duty taxes to make it easier for first time buyers. Currently, Savills estimates that the average stamp duty bill for first-time buyers is about £2,700.
Hammond is also going to address the use of driverless cars and the governments investment into it. The government is also expected to extend railcards to offer discounted train travel to people aged 26-30 years old.
Many working-age benefits are nearly halfway through a four-year freeze. These include Jobseeker’s Allowance, Employment and Support Allowance, some types of Housing Benefit, and Child Benefit.
The Spring statement of April this year saw a rise in the tax-free ISA allowance from £15,240 to £20,000 so there is not expected to be another big rise. The annual tax-free dividend allowance is due to decrease more than half from £5,000 to £2,000.
Don’t forget to tune in tomorrow at 12:30!